The market remained under pressure ahead of expiry. Equity benchmarks fell more than 1 percent dragged by financials and pharma stocks while the BSE Midcap marginally outperformed key indices, down 0.5 percent.
The Sensex tanked 351.34 points to 27760.49 and the Nifty dropped 89.50 points to 8441.30. About 868 shares have advanced, 1668 shares declined, and 164 shares are unchanged on the Bombay Stock Exchange.
Expectation of an economic recovery is what was driving the markets, but it did not pan out as per expectation, said R Sreesankar, head – institutional equities, Prabhudas Lilladher.
According to him, commentary post Q4 of FY15 will be important to see.
HDFC kept its top position in the selling list, down 4 percent. Infosys, HDFC Bank, ICICI Bank, HUL, Sun Pharma, ONGC, Wipro, Dr Reddy’s Labs, Sesa Sterlite and Coal India dropped 1-3 percent while BHEL gained 2 percent.
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